Wejo, a UK-based connected car data repository backed by carmaker General Motors (GM), has received £10m ($13.1m) in a funding round led by venture capital firm DIP Capital.
The round also featured convertible note financing from the UK government’s Future Fund, formed to support innovative businesses through the Covid-19 pandemic.
Founded in 2014, Wejo sources data from connected vehicles and provides it to end users including insurers, breakdown recovery services and local governments. It plans to invest the funding in company expansion while growing its strategic partnerships in the automotive industry.
GM agreed in February 2019 to provide $25m in cash and $70m in data services for the company in return for a 35% stake, valuing it at $275m.
Wejo had reportedly closed a $15m series A round in June 2018 according to Silicon Canals, which was followed by $1.9m from DIP Capital in November the same year. The company had said it had raised about $28m prior to the series A funding without disclosing the investors that supplied the capital.
